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IFA Hotels & Resorts swings to profit in Q3

IFA Hotels & Resorts KPSC said its normalized net income for the third quarter amounted to 75,020 dinars, compared with a loss of 2.6 million dinars in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 0.7% from negative 20.8% in the year-earlier period.

Total revenue fell 14.7% year over year to 10.6 million dinars from 12.5 million dinars, and total operating expenses declined 32.0% on an annual basis to 9.8 million dinars from 14.4 million dinars.

Reported net income came to 90,880 dinars, or 0 fils per share, compared to a loss of 4.2 million dinars, or a loss of 1 fils per share, in the year-earlier period.

As of Nov. 21, US$1 was equivalent to 30 Kuwaiti fils.